CanadaBis Capital Inc. (“CanadaBis” or “the Company”) (TSXV:CANB) is pleased to announce that Donald Cowie has joined their Board of Directors.
Mr. Cowie has been an independent businessman since January 2018. Prior thereto he was the founding Partner of JOG Capital Inc.; a private equity partnership established in 2002, focused on public and private junior oil and gas companies in Western Canada. He has over 35 years of experience in finance and the oil and gas industry. From 1992 to 2002, Mr. Cowie was the head of corporate and investment banking for the Bank of America. Prior to 2002, he served in officer and director roles for several junior oil and gas companies and financial companies with a focus on the oil and gas sector. Mr. Cowie has a Bachelor of Commerce degree, with a major in finance from McGill University. Mr. Cowie has served as a director for a number of private companies and public companies listed on either the Toronto Stock Exchange or TSX Venture Exchange.
“We are extremely pleased to welcome Don Cowie to our Board and look forward to benefiting from his vast knowledge of financial markets, both from a private equity and public company position.” stated Travis McIntyre, President and CEO of CanadaBis. “We look forward to gleaning from his wealth of experience and his proven track record of building and leading successful teams, employing strict capital discipline and delivering outstanding returns to investors. We look forward to his leadership role in taking the Company through its next phase of growth and development.”
CanadaBis has also granted to Mr. Cowie, under its Stock Option Plan, options to purchase up to 650,000 common shares for a period of five years commencing on July 19th, 2019 at an exercise price of $0.32 per share. The options will vest over a period of three years.
An aggregate of 1,500,000 common shares in the capital of the Company held in escrow, owned or controlled by a director or insider, will be transferred to Mr. Cowie at the price of $0.005 per share and these shares will be released from escrow based on the Exchange’s Surplus Escrow Schedule. The transfer price of the escrowed shares under this arrangement is reflective of the original cost of the shares.
CanadaBis Capital, through its subsidiary Stigma Grow, currently operates 22,000 sq/ft of production space and plans to expand this area to 66,000 sq/ft later this year. The Company received a standard cultivation and processing license from Health Canada on March 8, 2019, and has recently harvested its second crop. Stigma is currently working on a strong Alberta brand catering to a quality experience. Proudly offering a craft product with optimal cannabinoid profiles, Stigma is the first Health Canada licensed producer operating in the Red Deer area.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to our business and operations including development and expansion plans and the timing thereof. Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: compliance with extensive government regulation, the general business, economic, competitive, political and social uncertainties; requirement for further capital, delay or failure to receive board, shareholder or regulatory approvals; the results of operations and such other matters as set out in the Filing Statement available on SEDAR at www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking statements. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although we believe that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on our future results, performance or achievements.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. CanadaBis Capital does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.